NxStage Medical Establishes $50 Million Credit Facility with a Group of Lenders Led by Merrill Lynch Capital

... LAWRENCE Mass. Nov. 21 /- NxStage Medical...The credit facility consists of a $30.0 million term loan and a $20.0...The $20.0 million revolving loan facility is based on a percentage of... This credit facility provides NxStage with additional financialflexi...

LAWRENCE, Mass., Nov. 21 /PRNewswire-FirstCall/ -- NxStage Medical,
Inc. (Nasdaq: NXTM), a leading manufacturer of innovative dialysis
products, today announced that it has entered into a $50.0 million credit
and security agreement from a group of lenders led by Merrill Lynch
Capital, a division of Merrill Lynch Business Services Inc., for a term of
42 months.

The credit facility consists of a $30.0 million term loan and a $20.0
million revolving credit facility. The Company drew $25.0 million under the
term loan at closing, with the remainder expected to be drawn within the
next six months. The Company used $4.9 million of the proceeds from the
term loan to repay all amounts owed under a term loan with Silicon Valley
Bank. The initial draw under the term loan bears interest at a fixed rate
of 10.77% and requires payment of only interest until the end of 2008.
Beginning on February 1, 2009 principal will be repaid in 29 equal monthly
installments. The term loan has a final payment fee of 3.0% to be paid at
the time of loan payoff.

The $20.0 million revolving loan facility is based on a percentage of
the Company's eligible accounts receivable, inventory and field equipment.
The interest rate on the revolver is one-month LIBOR plus 4.25%. The
Company did not draw any amounts under the revolver at closing; however, at
the time of closing the Company's borrowing base on the revolver was
approximately $13.0 million.

"This credit facility provides NxStage with additional financial
flexibility to support the growing needs of our commercial operations,"
said Robert Brown, Chief Financial Officer. "We believe this facility
represents an attractive financing alternative at a reasonable cost of
capital."

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